The memecoin market has experienced a substantial decline, losing approximately $47 billion over the past three weeks. Leading cryptocurrencies in this downturn include Dogecoin (DOGE), which has fallen by 37%, and Shiba Inu (SHIB), which has dropped by 40%. This trend reflects the volatility inherent in assets driven largely by community sentiment. Additionally, celebrity meme tokens have seen an average plunge of 78% from their all-time highs, indicating a broader downturn in the memecoin sector.